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Videocon Industries has offered foreign currency convertible bonds - convertible into ordinary equity shares - in exchange for a part of the outstanding amount of the existing $200 million 6.75 per cent bonds. The convertible bonds, due in 2015, are subject to acceptance of the exchange offer by the requisite majority of bond holders and other statutory authorities. The company has already received shareholders’ nod (through a special resolution) for this exchange-offer. Videocon Industries will make an application to Singapore Exchange Securities Trading Ltd for the bond issue and for in-principle approval for the shares to be issued upon conversion of the bonds. Shares of Videocon Industries closed at ₹131, down 0.72 per cent on the NSE.
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